In March 2025, the Indian Cyber Crime Coordination Centre (I4C), operating under the Home Ministry, estimated that Indians are likely to lose 1.2 trillion rupees in the next one year due to cyber frauds. A Microsoft-YouGov report in 2021 reported that 7 out of 10 Indian users were victims of tech support scams, marginally higher than global figures. The massive scale of fraud is causing significant loss to the economy, hurting businesses and consumers alike. With the advent of fintech platforms and digital banking, cyber frauds are now faster and quicker than before, with over 6000 cases being reported on an average everyday.

Lapses in product design and insufficient regulatory guardrails exacerbate an increasingly terrifying situation. Yet, the prevailing approach from governments, financial institutions, and platforms has been to focus heavily on user awareness campaigns, placing the burden of safety largely on individuals. While awareness is valuable, it is insufficient and unfair to expect victims to shoulder the entire responsibility for fraud prevention.

Despite the scale and frequency of such crimes, India lacks comprehensive, victim-centred research into cyber fraud. Critical questions remain unanswered:

• Which socio-demographic groups are more susceptible to being defrauded?
• What emotional triggers are most often exploited by fraud perpetrators?
• What technological tools and techniques do perpetrators rely on?

Without these insights, prevention strategies remain fragmented, and the design of digital platforms often fails to address root vulnerabilities.

To close this gap, Aapti Institute, in collaboration with IIMA Ventures and DeepStrat, is conducting research to develop a taxonomy on digital financial harms. Drawing on our previous work at Aapti Institute on digital trust, this study will:

• Analyse both public and private data sources to identify fraud patterns.
• Map victim personas, with a focus on socio-demographic and contextual vulnerabilities.
• Examine the tools, techniques, and systemic weaknesses exploited by fraud perpetrators.

The outcome will be actionable, evidence-based recommendations for platforms, policymakers, and other stakeholders aimed at building a fraud-resilient digital ecosystem.

If you are someone or know someone who has insights on digital fraud, we would love to hear from you – please contact us at [email protected].